RV Financing




Finding a Boat Loan is Easy as 1, 2, 3…

1. Know your credit

boat loan lenderThis step is actually optional, because you can wait until your lender pulls your credit report to find out what’s on it. But unless you’ve looked at a copy very recently (within the last three months), you may want to pull a copy for yourself before you apply for a boat loan.

The FTC recommends checking your credit report for errors or fraud every year, but with the alarming increase in identity theft, more and more experts are suggesting a credit check once every six months. Either way, before you seek a boat loan, you can review your credit report and fix any problems you may find.

You are entitled to a free credit report once a year, and can get one by contacting the three major credit bureaus Equifax, Experian, and TransUnion.The easiest way to get your credit report is by ordering one free from www.annualcreditreport.com. This is fast (which is what you want if you are readily seeking a boat loan) and fixing any problems (all of which can be done online). This is definitely the best way to go if you have any doubts about what may be on your credit report or if you just want to be absolutely sure before you contact a lender.


2. Find a good lender

What constitutes a good lender? They will be able to put together a boat loan package that offers competivie interest rates, for starters. Boat financing rates are low right now, and you will want to make sure you are getting the best rates possible. It can make a difference of thousands of dollars.

Looking specifically for recreational vehicle financing companies can give you an advantage. This is the only type of lending they do therefore they have a lot of experience securing recreational vehicle loans for their customers.

You would like your lender to be able to explain clearly everything involved in obtaining your boat loan. What are the terms of your loan? (Terms start at 8 years and go up to 20 years.) What determines the length of your loan? Often, the value of your boat will have a lot to do with it. A good lender will make sure you understand all of this.

What do you really want in a lender? A good extended warranty for your boat loan. Boats are expensive to maintain, and a manufacturer’s warranty will only cover limited repairs. It is worth the investment to purchase an extended warranty, so make sure your lender offers one.

3. Apply for a boat loan online

Apply for your boat loan online for free with no obligation. Your lender should have a credit application on their website. It should be easy to fill out, short and sweet. You should be able to send it over a secure, encrypted server. You don’t want to send your personal information for your boat loan any other way. Ideally, however, they should also give you the option of printing out the form and faxing it for those buyers who feel more comfortable doing it that way. Your lender should be getting back to you with a boat financing package within 24 hours. Any longer than that is too long.

boatAnd that’s it! Whether you’ve already picked out a boat and need a loan for it, or if you haven’t been shopping yet and just want to get pre-approved (a smart move, by the way), in three easy steps (two if you opt to skip checking your credit yourself) you have done everything you need to secure a loan for the boat you’ve been dreaming of.

The financing doesn’t have to be a daunting process. Get your financing, get your boat, and go play…



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